The Canary Islands – The Canary Islands Special Zone (ZEC) has become a privileged observatory for analysing the profiles of companies in the islands from economic sectors which contribute to diversifying the productive structure. Thanks to its economic model which concentrates most of its Gross Domestic Product (GDP) in tourism, the Canary Islands are working towards economic diversification, with the ZEC as one of its strategic tools.
ZEC as one of its strategic tools. Therefore, companies linked to the latest generation sectors are beginning to be implemented in the archipelago. The regional market, for more than two million residents, receives approximately fifteen million tourists a year. These numbers work in favour of a region that also has the advantages of an excellent communication network, qualified staff trained in European universities and an unequalled geostrategic position, which make it a gateway to African markets. This is coupled with the legal security of this territory which is part of the European Union (EU).
One of the most interesting goals aimed for is in the Information and Communication Technologies field (ICTs). The ICTs is one of the big industries that in recent years has not stopped growing and has acquired an important weight in the framework of this incentive. In fact, at the end of 2018, 22% of the companies of the Official Register of the Canary Islands Special Zone Entities (ROEZEC) are carrying out activities related to ICTs in the Islands. This sector involves a high degree of technological innovation. Another sector that has features highly is renewable energy: there are more and more companies related to a wide range of subsectors within this field such as: production, transportation; manufacture, commercialisation of electrical energy from renewable sources, manufacturing, marketing and intermediation of equipment; equipment installation and repair; engineering and technical advice; research and development (R&D); training and ICTs applied to the sector, among others. In the latter case, the Islands have the best conditions for their development, as well as being a natural laboratory for the development of marketing-oriented prototypes.
Other spearheads are the establishment of a very active pole of companies related to the development of software and computer applications. The strengths of the Canary Islands are once again a highly-qualified staff and the possibility of using the Archipelago for its geostrategic position as a platform for business internationalisation. The Islands have also began to host an important core of companies linked to the audiovisual sector. The Canary Islands have magnificent conditions as a natural setting, with a wide landscape diversity and climatic conditions that allow outdoor shooting throughout the year, with highly-qualified personnel, sea and air connections and excellent infrastructure, among others. But there is more. Activities focused mainly on economic sectors which are particularly sensitive to the singularities offered by the Canary Islands such as technology and innovation, outsourcing and business services, services related to port infrastructure and tourism support, in addition to distribution, logistics and transport, naval repair or maintenance or the blue economy are some of the areas that offer business opportunities that are starting to flourish.
The ZEC is working on the promotion for the attraction of business projects in these sectors, which are considered key elements for the projection of the Canary Islands in the context of the world economy. A very low taxation regime (with a Corporate Tax of 4% against 20% of the EU average), a distribution of dividends without withholding tax at source and the maximum accumulation of aid are some of the attractions of this economic policy tool which offers the most advantageous taxation in Europe. It is also one of the instruments that projects the Canary Islands as a business destination.